Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]

Group 1 - The core viewpoint highlights the stable growth of the main business while actively exploring new opportunities in semiconductors and embodied intelligence [3][6] - The company achieved a revenue of 1.099 billion yuan in H1 2025, a decrease of 2.4% year-on-year, with a net profit attributable to shareholders of 93 million yuan, an increase of 0.9% [3][4] - The sales gross margin improved to 26.07%, up 0.14 percentage points year-on-year, indicating effective product structure optimization [3][4] Group 2 - The report indicates that Sinopec's revenue for H1 2025 was 1.4091 trillion yuan, a decrease of 10.6% year-on-year, with a net profit of 21.5 billion yuan, down 39.83% [8][9] - The company achieved a historical high in domestic oil and gas equivalent production, reaching 262.81 million barrels, a year-on-year increase of 2.0% [11][12] - The refining segment faced challenges due to fluctuating international oil prices and declining demand for gasoline and diesel [13][39] Group 3 - The report on Ruihua Tai indicates a revenue of 182 million yuan in H1 2025, a year-on-year increase of 37.86%, with a net profit loss of 34 million yuan, showing a reduction in losses [17][18] - The company is gradually ramping up production capacity at its Jiaxing base, with new product development in the semiconductor and renewable energy sectors [21][19] Group 4 - Yanggu Huatai reported a revenue of 1.722 billion yuan in H1 2025, an increase of 2.09% year-on-year, but a net profit decrease of 8.43% [25][26] - The company is actively pursuing the acquisition of Bomi Technology, which specializes in semiconductor materials, indicating a strategic expansion into the electronic chemicals sector [28][29] Group 5 - Xinxiang Chemical Fiber reported a revenue of 3.738 billion yuan in H1 2025, a decrease of 1.52% year-on-year, with a significant drop in net profit by 58.58% [32][33] - The company maintains a leading position in the production of biomass cellulose filament, leveraging unique technology to enhance supply chain security [35][36] Group 6 - Hengyi Petrochemical's revenue for H1 2025 was 55.96 billion yuan, a decrease of 13.59% year-on-year, with a net profit of 227 million yuan, down 47.32% [38][39] - The company is set to launch a new nylon project in the second half of 2025, which is expected to strengthen its market position [40][41] Group 7 - Dongfang Shenghong reported a revenue of 60.916 billion yuan in H1 2025, a decrease of 16.36% year-on-year, but a net profit increase of 21.24% [43] - The company’s refining segment turned profitable, indicating resilience amid challenging market conditions [43]

Group 1 - The company has participated in multiple aerospace and military projects, including manned space stations and launch vehicles [1] - The company is developing atomic oxygen-resistant PI films to enhance the durability of satellites and spacecraft against atomic oxygen impact, thereby extending their lifespan [1] - Due to the overall low usage of products in the aerospace sector, the related products contribute a small share to the company's revenue [1] Group 2 - With the acceleration of the commercialization of low Earth orbit satellites, the company anticipates a significant increase in the number of satellite launches in the future [1] - The company plans to monitor market developments closely and prepare for technological research and development to respond to market demands [1] - The company aims to seize new opportunities presented by market windows [1]

Group 1 - The company has participated in multiple aerospace and military projects, including manned space stations and launch vehicles [1] - The company is developing atomic oxygen-resistant PI films to enhance the durability of satellites and spacecraft against atomic oxygen impact, thereby extending their lifespan [1] - Due to the overall low usage of products in the aerospace sector, the related products contribute a small portion to the company's revenue [1] Group 2 - With the acceleration of the commercialization of low Earth orbit satellites, the company anticipates a significant increase in the number of satellite launches in the future [1] - The company plans to monitor market developments closely and prepare for technological research and development to respond to market demands [1] - The company aims to seize new opportunities presented by market windows [1]

（文章来源：证券日报） 证券日报网讯 9月8日晚间，瑞华泰发布公告称，公司计划于2025年9月18日（星期四）下午15：00- 17：00参加2025年半年度科创板新材料行业集体业绩说明会。 ...

深圳瑞华泰薄膜科技股份有限公司 关于参加 2025 年半年度科创板新材料行业集体 业绩说明会的公告 | | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 18 日(星期四)下午 15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （http://roadshow.sseinfo.com/） 会议召开方式：网络文字互动 投资者可于 2025 年 9 月 11 日(星期四) 至 9 月 17 日(星期三)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@rayitek.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 深圳瑞华泰薄膜科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日在上海证券交易所网站（http://www.sse.com.cn/）披露公司 2025 年半年度 报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、 ...

证券代码：688323 证券简称：瑞华泰 公告编号：2025-041 转债代码：118018 转债简称：瑞科转债 深圳瑞华泰薄膜科技股份有限公司 关于为全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 担保对象及基本情况 （一）担保的基本情况 为满足公司及子公司经营和发展需要，深圳瑞华泰薄膜科技股份有限公司（以下简称"公司"）于近日与 中信银行股份有限公司嘉兴平湖支行（以下简称"中信银行"）签订了《最高额保证合同》，为公司全资 子公司嘉兴瑞华泰薄膜技术有限公司（以下简称"嘉兴瑞华泰"）向中信银行申请授信业务提供不超过人 民币2,000万元的最高额连带责任保证担保，保证期限为债务履行期限届满之日起三年。 （二）内部决策程序 公司第二届董事会第二十七次会议、2024年年度股东大会审议通过了《关于公司申请2025年度金融机构 授信额度及担保额度预计的议案》，同意公司自2024年年度股东大会通过之日起12个月内为合并报表范 围内控股子公司申请综合授信额度提供不超过人民币30,000万元（含本 ...

（文章来源：证券日报） 证券日报网讯 9月5日晚间，瑞华泰发布公告称，公司及全资子公司不存在逾期担保的情形。 ...

| 证券代码：688323 | 证券简称：瑞华泰 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：118018 | 转债简称：瑞科转债 | | 深圳瑞华泰薄膜科技股份有限公司 关于为全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | 嘉兴瑞华泰薄膜技术有限公司 | | --- | --- | --- | --- | | | 本次担保金额 | 万元 2,000.00 | | | 担保对象 | 实际为其提供的担保余额 | 59,157.93 | 万元 | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | 一、担保情况概述 （一）担保的基本情况 为满足公司及子公司经营和发展需要，深圳瑞华泰薄膜科技股份有限公司 （以下简称"公司"）于近日与中信银行股份有限公司嘉兴平湖支行（以下简称 "中信银 ...

证券日报网讯瑞华泰9月3日在互动平台回答投资者提问时表示，公司PI薄膜供货给半导体胶带厂商，产 品通过韩国半导体企业评测，目前已小批量供货。 （文章来源：证券日报） ...